Just to throw it out there what are the realistic chances of Sky sub-licensing the highlights rights to Channel 4 or another broadcaster? (Similar to what's set to happen with the Olympics.)
Sky's got Pick as its free-to-air outlet, so it wouldn't make sense to sub-licence if they could use their own channel, and boost their own ad-revenue and use the coverage to plug the pay TV elements of coverage.
In the case of the Olympics, sub-licensing allowed Discovery to fulfil its legal obligations due to the event being on the protected list of sports rights.
Wonder if 'Crown Jewels' on a non-PSB Lite (i.e. not covering the UK to the same degree as the PSB muxes) FTA Freeview chanel are 'good enough'. Suspect these days they are. Also likely to be SD only.
Pick is on COM5 I think - so not available to as wide a population as BBC/ITV/C4/Five main channels (or the BBC/ITV/C4 HD channels *)
(*) Exclusing BBC Four/CBeebies HD and BBC News HD which are on COM7.
F1 is not a listed event (not even the British GP) so the listing rules (which, I think, do still officially class the 'main five' channels as the only acceptable ones for broadcast, but this hasn't really been tested properly) aren't relevant here. It'll just be what Sky have committed to with FOM when it comes to FTA coverage. Given how BT have used the FTA content in their UEFA contract (hiding it away and doing absolutely no promotion of the FTA matches), there's a precedent for committing very little to the FTA side of the deal, depending on what the rights holders demand.